文章基本信息

标题：Trading Responses to Negative Signals
本地全文：下载
作者：Mark W. Zikiye ; Rebecca Abraham ; Charles Harrington 等
期刊名称：Theoretical Economics Letters
印刷版ISSN：2162-2078
电子版ISSN：2162-2086
出版年度：2014
卷号：04
期号：06
页码：378-385
DOI：10.4236/tel.2014.46049
语种：English
出版社：Scientific Research Publishing
摘要：Mergers may be undertaken by giving shareholders of the target firm the right to exchange their stock for stock in the combined firm. Such stock mergers release the negative signal that the acquiring firm lacks cash. Informed traders seeking immediate gain may short sell acquirer stock or buy puts and sell calls. Liquidity traders, desiring longterm gain, may purchase stock or call options to benefit from lower stock prices, or sell stock or buy put options to maintain liquidity. This paper constructs a theoretical model in which option volume forms the bounds of the final stock price for informed traders while random stock purchase or sale volume establishes the final stock price for liquidity traders.
关键词：Negative Volume; Short Sales; Put Options; Mergers